$28,000 Tax Credit per Martial Arts Employee Still Possible?!Apr 26, 2022
$28,000 Tax Credit per Employee Still Possible?!
Last year I rang the alarm bells about Employee Retention Tax Credit (ERTC) telling every martial arts school owner that I knew they could get u to $5,000 per employee in 2020 and $28,000 per employee for 2021.
Small business owners that took advantage of the ERTC in 2021 got the rug pulled out from under them in November 2021, when the passing of the Biden Infrastructure Bill repealed the credit for 4th quarter 2021 (in mid quarter no less).
This reduced the 2021 credit per employee by $7,000 to a possible $21,000 per employee and sent the accounting and payroll processing professions into a spiral of confusion.
A New Hope...
Fast forward to December 9th 2021, West Virginia Congress Woman Carol Miller, introduced H.R. 6161 known as the Employee Retention Tax Credit Reinstatement Act, that would bring back 4th Quarter of 2021 ERTC benefits back to small business.
Rep. Carol Miller
Though the bill received bi-partisan support from Democrats and Republicans, it seems to have lost steam as nearly all mention of it is being scrubbed from the internet. See Rep. Carol Miller's deleted press release regarding the bill.
Defeated but not Dead...
A new fight to revive the credit has been taken up in the Senate as another bi-partisan push for reinstatement was introduced on February 10, 2022. We'll be following S.3625 Employee Retention Tax Credit Reinstatement Act closely.
Small Businesses all over the country are still struggling with the effects of the Pandemic and need continued support.
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